A TECHNICAL VIEW ON CNX-NIFTY FOR-17.6.2021

 

CNX-NIFTY

 Open—15847.50--High—15880.85—Low—15742.60---Close-15767.55 on 16.6.2021.

Support:15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:-15780/15835.55/15877/15902/ 15920/ 15989/16085/16223/16750/17250/17503/19575/20390.         

 (Bold and underlined figures are most important)

After four positive days it corrected today and closed with a loss of 101.70 points. It has fallen below its first critical and important point of 15780 which is weak sign and if it does not bounce back above it and sustain in the next 1-2 trading session then it could correct sharply, which may be kept in mind. It is therefore suggested to above long trade below 15780. The technical setup is looking good for the continuation of the up move as of now but with intermittent down correction and as long as it holds  15471 & 15431.75 levels on the closing basis, then it could still scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15635.35---15566.90---15488.55---15471---15431.75.  Please note that sustained break below 15635 may push it again into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884.  The long term outlook is positive as of now.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation long trade can be tried if it moves above 15800 and maintain for some time or can buy on decline at appropriate points or near 15635 but not below it. Please note that long trade below 15780 could be a risky trade mind you. Since it has not yet crossed some of its critical averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points with self defined stop losses or near 15635 but not below it with a stop loss of 15580. It could be a highly risky trade.

Or

Buy if it maintains above 15800 for some time with a stop loss of 15730. It could be a risky trade.

2. Sell on the rise near or within the range of 15880---15900 with a stop loss of 15940. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above15800 in first hour and half of trade with a stop loss of 15840. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15740 and maintain for some time with a stop loss of 15770. It could be a risky trade but worth trying for intraday gain.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

Contact me for strategic guidance to enter and exit trade.

  Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

INTRA-DAY TRADING CALLS FOR 16.6.2021

 

TRADING CALLS

 

1. AXIS BANK.

Buy above 752, S/L-748, Target-760/776/784. 

2. ASIAN PAINTS.

Buy above 3050, S/L-3039, Target—3060/3108/3150. 

3. ADANI PORT.

Sell below 755, S/L-765, Target-743/735/726/710. 

4. DIVIS LAB.

Sell below-4296, S/L-4320, Target-4275/4245/4210. 

5. DR.REDDYS LAB.

Sell below-5400, S/L-5415, Target-5375/5354/5330/5298. 

6. BAJAJ AUTO.

Sell below-4127, S/L-4140, Target-4100/4064/4047/4028. 

7. TITAN.

Sell below-1719, S/L-1730, Target-1696/1670/1647. 

8. TCS.

Sell below-3251, S/L-3265, Target-3230/3211/3186/3148. 

                    Note: Price stated here is of spot market. 

 

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 

 Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

 Contact me for strategic guidance to enter and exit the trade

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

                       

 

 

 

       

 

 

 

 

                                               

                            

                     

  

 

                    

                            

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR-16.6.2021

 

CNX-NIFTY

 Open—15866.95--High—15901.60—Low—15842.40---Close-15869.20 on 15.6.2021.

Support:15835.55/15780/15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15877/15902/ 15920/ 15989/16085/16223/16750/17250/17503/19575/20390. 

 (Bold and underlined figures are most important)

It continued the up move today and hit a new all-time high of 15901.60 and closed with a gain of 57.35 points. It is exhibiting robust strength and the technical setup is looking good for the continuation of the up move off course with intermittent down correction and as long as it holds 15780 and then 15471 & 15431.75 levels on the closing basis, then it could still scale up to 15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15835.55---15780---15635.35---15566.90---15488.55---15471---15431.75.  Please note that break below 15780 on the closing basis would be an alert sign for the long trade, sustained break below 15635 may push it again into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further  and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884.  It is well above its first critical resistance point of 15780 which is a positive sign. The long term outlook is positive as of now.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation long trade can be tried if it moves above 15902 and maintain for some time or can buy on decline at appropriate points or near 15780 but not below it. However aggressive traders can also try long trade if it maintains above 15870 for some time or can buy on decline at appropriate points or near 15635 but not below it. Please note that long trade below 15780 could be a slightly risk affair mind you. Since it has not yet crossed some of its critical averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points with self defined stop losses or near 15635 but not below it with a stop loss of 15580. It is for the aggressive traders only and could be a highly risky trade.

Or

Buy if it maintains above 15870 for some time with a stop loss of 15830. It is for the aggressive traders

Or

Buy if it moves above 15902 and maintain for some time with a stop loss of 15830.

Or

Buy on decline near 15780 but not below it with a stop loss of 15745.

2. Sell on the rise near or within the range of 15950---15970 with a stop loss of 16000. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above15902 in first hour and half of trade with a stop loss of 15930. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15780 and maintain for some time with a stop loss of 15810. It could be a risky trade but worth trying for intraday gain.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

Contact me for strategic guidance to enter and exit trade.

  Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—16.6.2021

 

CNX--BANK NIFTY

Open-35038.05--High-35317.40--Low—34917.90--Close-35247.75 on 15.6.2021

Support:34976/34930/34893/34658.70/34641/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

After two days of fall it moved up smartly today and closed with a gain of 297.15 points.  It made higher top and bottom on the line chart today, therefore it seems that it has come out of the very short corrective mode and may resume the up move again provided it holds 34950.60 on the closing basis as of now but sustained break below it may push it back again into very short corrective mode. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may continue. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Going up 36248 level from here it will face critical resistance at 35472---35524---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 35176---35070---34930---34641.20---34535.26(this figure can change)—34410---33625 & 33273, sustained break below 34930 will push it into very short correction mode again, sustained break below 34535.26 will push it into deep short term corrective mode, sustained break below 34410 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. The other critical support points are at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term bias is positive as of now and short term bias  also looks positive now. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, since it has came out of very short corrective mode therefore long trade can be tried if it moves above 35320 and maintain for some time or can buy on decline at appropriate points  or near 34950 but not below it. However aggressive  traders can also try long trade if it moves above 35250 and maintain for some time. Since it has not crossed its critical resistance range as mentioned above, therefore short trade should be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline near 34950 but not below it with a stop loss of 34780.

Or

Buy if it moves above 35250 and maintain for some time with a stop loss of 35150. It is for the aggressive traders and could be a risky trade.

Or

Buy if it moves above 35320 and maintain for some time with a stop loss of 35200. It is for both the traders.

2. Sell on the rise near or within the range of 35550---35650 with a stop loss of 35725. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34930 and maintain for some time with a stop loss of 35060. It could be a highly risky trade but worth trying.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—15.6.2021

 

CNX--BANK NIFTY

Open-34936.35--High-34995.15--Low—34374.35--Close-34950.60 on 14.6.2021

Support:34930/34893/34658.70/34641/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;34976/35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It exhibited huge volatility and after hitting a low of 34374.35 for the day it closed with a meager loss of 96.79 points.  It is holding its recent bottom of 34800 on the line chart on the closing basis which is positive sign. However the very short correction mode is still on, but moving down if it holds 34800 as of now on the closing basis and then closes above 35132  then it could come out of the corrective mode and may start moving up, else down move will continue. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may continue. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Going up from here its critical resistance point would be at 35070---35176---35461---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34930---34641.20---34535.26(this figure can change)—34410---33625 & 33273,  sustained break below 34535.26 can push it into deep short term corrective mode, sustained break below 34410 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. The other critical support points are at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term bias is still positive as of now but it is into very short term corrective phase and it may extend. Therefore short term bias is negative as of now. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, since it is into very short term correction therefore it is suggested to avoid long trade in general till clarity on correction completion emerges.  However aggressive traders can try long trade if it moves above 35211 and maintain for some time, but highly aggressive traders can try long trade if it moves above 35000 and maintain for some time or can try buying on decline at appropriate points but not below 34800. Please note that buying on decline below 34800 could be a risky affair because if it sustains below it for longer time during the day then it could further correct sharply and that is what has happened today but luckily it managed to close above 34800 which is good sign. Since it has not crossed its critical resistance range as mentioned above and into very short correction mode now, therefore short trade should be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the corrective move.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline near 34800 but not below it with a stop loss of 34630. It is for aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 35211 and maintain for some time with a stop loss of 35035. It is for the aggressive traders and could be a risky trade.

Or

Buy if it moves above 35000 and maintain for some time with a stop loss of 34900. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 35550---35650 with a stop loss of 35725. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above35211 in first one and half hour of trade with a stop loss of 35280. It could be a highly risky trade but worth trying.

Or

Sell if it moves below 34800 and maintain for some time with a stop loss of 34970 It could be a highly risky trade but worth trying.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.